If you are comfortable, you can contact Senator Crapo to communicate your opinion of the bipartisan Legacy IRA Act.
Background: In 2015, Congress passed the PATH Act, which included the IRA Charitable Rollover provision allowing individuals to make direct tax-free charitable gifts up to $100,000 annually from their IRA starting at age 70 ½. Since its enactment, the IRA Charitable Rollover has generated millions of dollars in new or increased contributions to local and national charities. The Legacy IRA Act builds on that success to expand the existing IRA Charitable Rollover, allowing seniors starting at age 65 to make tax-free IRA rollovers to charities through life-income plans (charitable gift annuity or charitable remainder trust). It is estimated that seniors have up to $5 trillion in IRA assets. This offers a way for middle-income donors to combine charitable gifts with retirement income. It helps existing charities, as seniors typically make up more than half of their donors.
Score/Cost of the Bill The Joint Committee on Taxation has scored the Legacy IRA Act at $38 million per year. The cost is minimal because the income on any life income gift is fully taxable at ordinary income levels. Planned giving experts indicate that the Legacy IRA Act could raise up to $1 billion each year for charities.
Sample Language (replace italicized copy with your own):
The NAME relies on legacies and bequests to fulfill our mission of______serving X Idahoans each year. NAME averaged $X annually and received a total of $X of legacy and bequest revenue over the past 5 years.
The expansion of the IRA Rollover is of even greater importance as charities like the NAME are serving more and more people due to the COVID-19 pandemic doing _________. This legislation would offer Congress the opportunity to support middle-income seniors who have a charitable intent but still need retirement income and incentivize Giving through the IRA Charitable Rollover
Congress Should Support the Legacy IRA Act
THE ASK - We respectfully ask Senator Crapo to support the bipartisan Legacy IRA Act language as it stands in the SECURE Act 2.0 retirement package from the House Ways and Means committee.
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